UK: Market research firm, Research and Markets has added a one more report to its offering that forecasts the UAV Payload and Avionics market to grow at a CAGR of 8.3%. The report projects the growth to happen between 2016 to 2022. Governments across the globe are procuring UAVs in order to further strengthen their military powers. Since UAVs are an important piece of the military artillery nowadays, the report becomes even more important.
UAVs are currently being used for homeland and commercial applications such as filming events, aerial photography, oil and gas pipe line inspection among others, leading to an increase in the UAV demand and rapid growth of global UAV payload and avionics market. The report forecasts the UAV payload & avionics market to grow at CAGR of 8.3% in the forecasted period from 2016 to 2022 with major revenue generated by non-combat UAV payloads. In terms of value, the UAV payload and avionics market is expected to reach $3.93 billion by the year 2022.
The UAV payload and avionics market has been tracked according to the types of payloads, application areas, and geography. Revenue generated from various application areas namely- commercial application, non-commercial application, homeland and defense have been analyzed. The report also covers the UAV payload and avionics market on a global scale, and consequently provides revenue data of the key regions.
The market is further segmented on the basis of geography. North America, Europe, Asia Pacific and countries and Rest of the World are the regions considered for the research study along with the top countries from these regions. UAV payload includes cameras, sensors, missiles, ammunition and electronic warfare among others.